Yes, his name was added to the title and he does have an economic interest in the property.

1. The intent is to have the son inherit the entire property in the future. I think the intent in adding the son to the property now was to be able to refinance to take some equity out and fix up the place. 

2. Mother's adjust basis is $262k

3. FMV $840k

4. The mortgage on the property is for $650k, which they are both responsible for. Before the son was added and they refinanced the mother's mortgage balance was $580k